Sacred Cows

by Sharon Hoover 1/25/2009 4:38:00 AM

For years I've heard about the book, "Sacred Cows Make the Best Burgers," by Kriegel and Brandt, that came out in 1996.  It could be easy for me to pass it off as an out-moded idea.  After all, that was 13 years ago!  Or, I could get that the essence of their message is that every organization (yes, even yours) is attached to ways of doing things that no longer serve the best interests of the company.  What underlies "the way we do things around here" is a set of assumptions and those assumptions drive our behaviors without our even being aware of it.  This also happens on an individual and personal leve, but as a friend of mine says, "That's another show for Oprah.

The authors' definition of a Sacred Cow as related to business is, "An outmoded belief, assumption, practice, policy, system, or startegy, generally invisible, tht inhibits change and prevents responsiveness to new opportunities."

A couple weeks ago one of my clients, a financial planner & investment advisor, guided his leadership team through the process of identifying their Sacred Cows and here's what he reported back to me.  "We found that just about everything we do is a Sacred Cow!"  Some of those underlying assumptions included: 

  • We need to at least offer a plan update annually to every client.
  • Every client gets an individually customized investment portfolio.
  • We need to educate all of our clients on everything.

They are just at the beginning of this process and already see that by making just one or two key changes - supported by new underlying assumptions - they can regain about 9% of their professional time.  This could be the time for you to begin to uncover your Sacred Cows. 

 

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3/31/2009 1:41:33 AM

New people also bring fresh eyes and when encouraged will ask questions that those who have been inside for a while simply don't and can't see. Assumptions build up and, by their very nature, are hidden from our conscious awareness. An exercise one of my financial advisor clients uses with great success is to ask his staff, "What are we doing? What is our belief about why we need to do that or do that in the way we are?" Until we get to thoseunderlying beliefs, changes that are put in place revert because what underlies them is unchanged.

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9/2/2010 8:38:54 PM

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About

Sharon Hoover’s blog provides practical ways for advisors to transform their leadership skills. By focusing on how you can create a culture of empowerment, respect and integrity in your firm and with your clients, you connect with your passion for work and life. As a coach to leading financial advisors, Sharon is an expert on how you can manage your firm better and create balance in your life.

Author

Sharon HooverSharon A. Hoover, PCC, M.A.
Owner of CoachingWorks

Since 1996, Sharon has coached financial advisors and other small business owners. She combines her own insightful techniques with concepts of the most current thinkers in the field of leadership. Sharon is a graduate of Coach University and has been certified by the International Coach Federation since 1998. She coaches advisors coast-to-coast and facilitates inspirational and productive staff retreats that lead to transformational shifts. Sharon has presented for the Financial Planning Association’s local chapter and Retreat, as well as the Knoxville Estate Planners Association.

Sharon knows leadership from the inside out. In 1985, she established the local center for an international nonprofit foundation that focuses on personal development, chaired the local board and served in international roles. She is a founding member of the East Tennessee Coaches Association and served in formal and informal leadership since its inception in 2001. She chairs the Small Business Committee for the Knoxville Chamber and the Board of the Race Relations Center of East Tennessee. Sharon is also an active member of the Rotary Club of Knoxville. She lives on a farm with her husband, John, a psychologist, whom she married in 1962. They have two adult daughters, Karin and Elizabeth.

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